… and what partner candidates should know before they sign.
By Marc Rosenberg
How to Bring in New Partners
What is a partner agreement?
According to nolo.com, “A partner agreement spells out the rights and responsibilities of the firm’s owners. Without one, firms will be ill-equipped to settle or avoid conflicts because if certain key passages are missing or written improperly, the courts will intervene in ways that the partners may not like. A partner agreement allows the firm’s partners to structure their business relationships with each other in ways that suit their desires, needs and preferences.”
MORE: Six Systems Used to Determine Partners’ Goodwill Payments | How Partner Buyouts Work | What Buying In Actually Means | How Partner and Staff Actions Impact Profits | Nuts and Bolts of Mentoring Staff | Nine Ways to Measure Staff Performance on the Path to Partner | Sixteen Duties of a Partner
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Any post on partner agreements will have an obligatory paragraph like that. Here is a more in-depth description that may be illuminating.
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